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Illustrate the effects on the accounts and financial statements of recording the following selected transactions of LoneStar Leather Co.:
Apr. 15. Paid the first installment of the estimated tax for the current fiscal year ending December 31, $90,000. No entry had been made to record the liability.
Dec. 31. Recorded the estimated income tax liability for the year just ended and the deferred income tax liability, based on the April 15 transaction and the following data:
Income taxrate 40%
Income before income tax $950,000
Taxable income according to tax return $800,000
Assume that June 15 and September 15 installments of$90,000 were also paid.
Compute the equivalent units of production for materials and conversion costs for the month of August. Compute the unit costs for materials and conversion costs for the month. Determine the costs to be assigned to the units transferred out and in pro..
The pickle department of a major food manufacturer has an overhead rate of $5 per direct-labor hour, based on expected variable overhead of $150,000 per year, expected fixed overhead of $350,000 per year, and expected direct-labor hours of 100,000..
Wade's outstanding stock consists of 50,000 shares of cumulative 9.50% preferred stock with a $10 par value and also 125,000 shares of common stock with a $1 par value.
It's Kinda China produces collectible pieces of act. The company's Raw Material Inventory account includes the cost of both direct and indirect materials. Account balances for the company at the beginning and end of July 2008 follow:
Explain why the overhead cost related to website optimization was first divided into two categories (unframed prints and framed prints) and then allocated based on number of prints
Before Del had a chance to sell the car it was destroyed in a fire. Unfortunately, there was no insurance on the car. If Del's AGI is $100,000, what is the deductible casualty loss for the car?
The City of San Jose built a new city hall and financed construction by issuing bonds due in installments over the next 30 years. The bond principal and interest will be paid by a special tax levied on property in the City. The revenue received fr..
Parsing Electronics is interested in expanding its operations with a new manufacturing facility in Slovakia. The company prepares a capital investment analysis on the validity of the project and finds that the project is viable. The company expect..
Frenchy's Company needs to determine the variable utilities rate per machine hour in order to estimate cost for August. Relevant information is as follows: determine the expected costs for Utilities in August. B. Using the data calculated above, e..
The rate o a five-year CD is 6 percent. Should you refinance your mortgage or invest the $3,000 in a CD? The 6 percent CD rate is your opportunity cost of capital.
What is the carrying value of the outstanding Carlin Corporation 5-year bonds on January 1, 2011? (Assume straight-line amortization.)
The demand for the product in the local market may reach to a saturation level within 5 years of time, what are the plans before you, as a manager of the company, to implement in order to extend the life of the company.
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